Oil prices plummet to six year lows amid rising inventories in USA

18-Mar-15

Oil on the Nymex for April delivery dipped to US$43.4 a barrel, the lowest settlement since March 11, 2009, while Brent oil slid to US$53.5 a barrel on ICE Futures Europe. Stored supplies of crude oil in the U.S. are at the highest level in about 80 years, according to the U.S. Energy Information Administration, and production continues to grow. Oil prices in USA have plunged to six-year lows on expectations that domestic crude stockpiles have risen to a record high, as per Wall Street Journal. Demand is typically restrained at this time of year as refiners process less crude while performing seasonal maintenance.